Derco Rosal

Bicol

Business Reporter at Manila Bulletin

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Articles

Philippines banks on agriculture to salvage growth target

Nov 7, 2024 | mb.com.ph | Derco Rosal

By DERCO ROSALFollowing the lower-than-expected third-quarter growth, the Department of Budget and Management (DBM) said it will prioritize agriculture and climate action to foster stronger economic growth in the year’s final three months. “We will reinforce our prioritization of agriculture and climate action for a stronger fourth-quarter performance,” DBM Secretary Amenah Pangandaman said, noting that recent typhoons and severe weather impacted the 5.2 percent growth rate in the third quarter.
Philippine exports slump, widening trade deficit to $5.1 billion

Nov 7, 2024 | mb.com.ph | Derco Rosal

By Derco RosalAfter narrowing in August, the country's trade deficit widened again in September as exports fell sharply while imports continued to rise, the Philippine Statistics Authority (PSA) reported. PSA data showed the trade balance—the difference between exports and imports—increased to a $5.09 billion deficit, representing a 43.4 percent gap, compared to a 7 percent deficit (-$4.39 billion) in August.
Lumagui: Vape tax compliance ‘still small’

Nov 7, 2024 | mb.com.ph | Derco Rosal

By Derco RosalBureau of Internal Revenue (BIR) Commissioner Romeo D. Lumagui expressed uncertainty whether the P1-billion collected from vape stamps will be sufficient to close the country's excise tax deficit for 2024. "It might still not be enough, since it [the system] has just started," Lumagui told reporters on November 5th when asked about the collection's potential impact on the excise tax gap.
Philippine GDP growth may hit 14-year low in third quarter

Nov 6, 2024 | mb.com.ph | Derco Rosal

By Derco M. RosalThink tank Pantheon Macroeconomics expects the Philippines’ gross domestic product (GDP) growth to have slowed below five percent in the third quarter of 2024, way below the consensus expectations, and at a level that is a 14-year low. Miguel Chanco, chief emerging Asia economist at Pantheon Macroeconomics, anticipates the country’s economic growth to decline significantly to 4.6 percent from 6.3 percent posted in the second quarter.
More Filipinos found jobs in Sept. but underemployment rate is up

Nov 5, 2024 | mb.com.ph | Derco Rosal

By Derco RosalMore Filipinos found jobs in September, but many were not placed in full-time positions, leading to a notable increase in underemployment. “Of course, because of the holiday season, more [people] want to work,” National Statistician and Philippine Statistics Authority (PSA) Undersecretary Dennis Mapa said at a press briefing, Nov. 6, adding that this led to an increase in both the employment rate and the number of employed individuals.
Government raises flood-control infra budget to 80 billion as typhoons intensify

Nov 5, 2024 | mb.com.ph | Derco Rosal

By Derco RosalThe National Economic and Development Authority (NEDA) Board has approved funding extensions and budget increases for two major flood-control projects under the Department of Public Works and Highways (DPWH), amounting to 79.73 billion. “Both projects will receive supplemental loans from the Japan International Cooperation Agency (JICA),” NEDA said during the approval at its 22nd board meeting.
Rising rice prices push up October inflation rate

Nov 5, 2024 | mb.com.ph | Derco Rosal

By Derco RosalThe country's inflation rate rose to 2.3 percent from September’s four-year low of 1.9 percent due to soaring rice prices which jumped following recent calamities including Severe Tropical Storm (STS) Kristine and Super Typhoon Leon. October's inflation pushed the 10-month average to 3.3 percent, remaining within the government’s target range of two to four percent, the PSA noted. On Nov.
Government raises foreign service workers’ allowance by 35-40%

Nov 4, 2024 | mb.com.ph | Derco Rosal

By Derco RosalFor the first time in 10 years, the government has increased allowances for national employees working overseas to address the rising cost of living. On Oct. 30, President Ferdinand R. Marcos Jr. issued an executive order to update the regulations governing the payment of various allowances applicable to foreign service personnel (FSP).
T-Bill rates rise for 5th week on inflation, US election concerns

Nov 4, 2024 | mb.com.ph | Derco Rosal

By Derco RosalShort-term government debt interest rates increased anew for the fifth consecutive week due to strong investor demand, driven by expectations of future rate cuts, US inflation concerns, and a possible Trump win. A Trump win in the US elections is seen to result in an increase in US Treasury yields and further strengthen the dollar. At Monday’s auction, Nov.
Local employment hits 7-year high as manufacturing expands

Nov 3, 2024 | mb.com.ph | Derco Rosal

by Derco RosalThe country’s employment rose in October to its highest level in the past seven years due to the continued expansion of the manufacturing sector, S&P Global reported on Monday, Nov. 4. S&P Global said the strong uptick in new orders drove the local manufacturing sector's steady improvement, despite a slower growth rate.